Industry News

Home builder incentives ‘having limited success’

NAHB: Sales expectations remain weak on credit, inventory issues

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Builder confidence in the market for new single-family homes remained at a 22-year low in November as buyers either aren't able to get financing or a holding out for lower prices, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI for November held even with October's upwardly revised 19 reading -- its lowest point since the series began in January 1985 -- after falling each month between March and October, according to NAHB. A number over 50 indicates more builders see sales conditions as good than poor. "Consistent with what builders said in last month's survey, many are reporting that their special sales incentives are having limited success in terms of getting buyers in the door," NAHB President Brian Catalde said in a statement. In November, the index gauging current sales conditions for single-family homes remained flat at 18, while the index gauging sales expectations for the next six months ...